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Term
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Term
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| or words of similar import refer to knowledge rather than to reason to know. |
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| notified / gives a notice / notification |
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| to another person by taking such steps as may be reasonably required to inform the other person in ordinary course, whether or not the other person actually comes to know of it. |
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| Receives a notice or notification |
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| when: (1) it comes to that person's attention or (2) it is duly delivered in a form reasonable under the circumstances at the place of business through which the contract was made or at another location held out by that person as the place for receipt of such communications |
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| Notice, knowledge or a notice or notification received by an organization |
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| is effective for a particular transaction from the time it was brought to the attention of the individual conducting that transaction and in any event, from the time it would have been brought to the individual's attention if the organization had exercised due diligence. |
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| An organization exercises due diligence if it |
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| maintains reasonable routines for communicating significant information to the person conducing the transaction and there is reasonable compliance with the routines. |
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| Due diligence does NOT require |
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| an individual acting for the organization to communicate information unless the communication is part of the individual's regular duties or the individual has reason to know of the transaction and that the transaction would be materially affected by the information. |
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